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Williams sells minority stake in F1 team

Friday 20th November 2009

Frank Williams and Patrick Head have sold a minority stake in their Williams F1 team to an Austrian investment company led by businessman Toto Wolff.

Williams announced on Friday that Wolff, who is also an amature racer, had purchased a stake in the team that Sir Frank and Head have been the sole co-owners of since forming the outfit in 1977.

Sir Frank, though, has denied that this is the first step towards selling the team entirely.

"I have no intention of stopping my involvement in this company or of ceasing my Formula 1 activities," Williams said.

"I cannot stress highly enough that Toto is a minority shareholder. The company is still under my control and I will not relinquish control of the business until I go completely.

"It's simply that I want to take care of one or two private needs. I've never taken a penny out of the business in 40 years and time is getting on a bit."

The team also confirmed that Wolff would take a seat on the board of Williams Grand Prix Engineering Limited but that the F1 team would be unaffected.

"Nothing changes really," he said. "Adam Parr, as our CEO, runs the business on a day-to-day basis. I have a keen interest in the sponsorships of the team and work fairly extensively on that with all the other guys here. Patrick is still very involved, and comes in every day.

"Of course Toto is a very shrewd businessman and has created and invested in a number of businesses and sold them on for a profit, so him being involved in a benefit to everyone who supports the team, namely our partners and team members.

"Certainly he can be very useful in finding sponsors. It's an area where he can, I'm sure, be very active."

Your Comments

f1nestkind

"Toto Wolff is nothing to do with Walter Wolf. Too many f's"

markie73

"..Are Williams getting strapped for cash as well?."

Brent

"Williams, regardless of their engine supplier, is a pure British racing team. Class outfit. They are a company that should not have to look beyond England to sell shares."